Simply put – place personal life cover on company expenses.
If you currently pay for your life cover from your own bank account you will be paying out of post-tax income, and if you pay for it from your business account you will probably be taxed on the payment as if it were income.
Relevant Life Plan offers some very special advantages to directors and employees of small businesses, most notably tax efficiency. While the cover is personal to you and your employees, the policy counts as a business expense so it’s tax deductible. It’s also a cost-effective way to offer life cover to your employees if your business is not eligible for a group life scheme.
Relevant life policy tax benefits are available to both the employers and employees:
- You will save Tax by having the company pay the premium
- The premium will not be…
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